Crypto.com launches institutional trading platform in the U.S.

OKX Ventures, the investment arm of the well-known crypto exchange and Web3 technology company OKX, has recently disclosed a strategic investment in Singapore’s Orbiter Finance. Developing ZK-proof technologyThe investment marks a significant step forward in advancing the evolution of blockchain infrastructure, given that Orbiter Finance has achieved recognition for its innovation in the process of developing its zero-knowledge (ZK) technology-based omni-chain rollup on the Ethereum network. This initiative goes beyond Orbiter Finance's initial role as an asset cross-rollup bridge. Over the last two years, Orbiter has processed over 12 million transactions with a total transaction volume surpassing $7.8 billion. The protocol has amassed a user base of over three million and cultivated a community exceeding 700,000 users and enthusiasts.Photo by Shubham Dhage on UnsplashOrbiter Rollup announcementAccording to a series of posts on the X social media platform over the course of the weekend, the project is gearing up to launch a ZK-tech-based instant omni-chain rollup on Ethereum. A standout feature of the protocol is the integration of ZK Simplified Payment Verification (SPV) to authenticate Layer 2 transactions on the mainnet and combat fraudulent re-layers via the Ethereum Virtual Machine (EVM).  This development introduces a secure, efficient, low-cost and rapid communication mechanism for Ethereum, with the added security benefits of ZK-SPV enabling Orbiter Finance to grant complete access to the "Maker" role. This marks a significant milestone in achieving decentralization within blockchain infrastructure. Dora Yue, founder of OKX Ventures, expressed enthusiasm about spearheading the strategic investment in Orbiter Finance. She highlighted the protocol's ability to overcome traditional bridge limitations, specifically in terms of speed, and its crucial role in enhancing the efficiency of cross-chaining between various Layer 2s and the Ethereum mainnet. Other investors in the project include Redpoint China, Hash Global and Skyland Ventures. Supporting 19 networksCurrently supporting over 19 Layer 2 rollups and a multitude of native Ethereum assets, Orbiter Finance is positioning itself as a vital infrastructure component for the Layer 2 ecosystem. Yue commended the team's ongoing commitment to product upgrades and their dedication to ensuring a more decentralized and trustless foundation for the Layer 2 ecosystem's growth in 2024. With an initial capital commitment of $100 million, OKX Ventures is focused on exploring and supporting the best global blockchain projects, fostering cutting-edge technology innovation, and investing in projects that provide long-term structural value. The venture aims to nurture innovative companies by offering global resources and leveraging historical experience in the blockchain industry. Orbiter Finance also maintains an openness to incorporating additional networks. It has established strategic partnerships with key players such as Arbitrum, Optimism, Polygon, Linea, zkSync, Base, Starknet, Scroll, Manta Network and others. In this manner, it has solidified its position in the ecosystem. Notably, the protocol announced a collaborative strategic partnership with Ingonyama earlier this month, taking a step forward in advancing ZKP acceleration. Ingonyama is a next-generation semiconductor company specializing in ZK-proof technology. With that, it is actively exploring the integration of ICICLE, a GPU library for zero-knowledge acceleration, into Orbiter's ZKP system through multiple meetings and code-sharing initiatives.  

Myanmar Government in Exile Backs Crypto Bank LaunchMyanmar is on the cusp of a financial revolution as the National Unity Government (NUG), the country’s exiled shadow government, introduces the Spring Development Bank (SDB), a crypto-based financial institution.With a mission to bestow long-awaited financial freedom and digitized sophistication upon the nation’s citizens, the SDB aspires to reshape Myanmar’s financial landscape.Built on PolygonThe bank derives its name from the Spring Revolution, an opposition movement that bravely challenges the ruling military junta. The goal of the SDB is to bring “freedom and democracy to the 55 million citizens of Myanmar,” a lofty ambition that reflects the NUG’s determination to empower its people through innovative means.Constructed on the Polygon Network, the SDB aims to revolutionize domestic and international payments, making them faster and more efficient. But the bank’s vision extends beyond just payments. Following a recent press conference, bank officials revealed plans to offer a diverse range of financial products, including fixed deposits, currency exchange services, cross-country remittances, and even digital gold savings options.Reaching the Burmese diasporaNotably, the SDB’s reach extends beyond Myanmar’s borders to the two-million-strong Burmese diaspora residing abroad. This diaspora frequently sends money back to their homeland, but the current remittance fees can soar as high as 30%. The bank intends to alleviate this burden, reducing the costs associated with sending money back to Myanmar.The Spring Development Bank operates under the licensing and regulation of the Interim Central Bank of Myanmar, which is under the control of the NUG. U Calvin, the bank’s CEO, emphasized that this launch marks the initial step towards restoring financial independence to Myanmar.The bank’s emergence comes amid Myanmar’s complex relationship with cryptocurrencies. While there is no specific legislation addressing cryptocurrencies, the Central Bank of Myanmar issued a ban on them in 2020, and the military junta later proposed a cybersecurity law that criminalized their usage in January 2022.Photo by Dan Gold on UnsplashJuly soft launchA soft launch of the SDB is scheduled for July 22, with 1,000 private beta users and 100 relationship managers. The bank expects to achieve a full launch in late August, with the goal of attracting 100,000 active users within the first six months of operation.Despite these regulatory challenges, Myanmar’s people have turned to cryptocurrencies as an escape from their dire financial situation. Since the February 2021 coup, the country’s economy has suffered significantly, with the World Bank estimating an alarming 18% annual contraction. Fading trust in the traditional banking system, controlled by the military, has further crippled the financial market.The Myanmar kyat (MMK) plummeted to an all-time low of 2,200 against the US dollar (USD) in September 2021, down from 1,330 in February 2020 (currently 1 USD = 2,100 MMK).The SDB’s arrival signals a glimmer of hope amidst these trying times, offering a beacon of financial opportunity for the citizens of Myanmar. With the support of the NUG, the bank is looking to take an innovative approach to better serve Burmese citizens, both at home and abroad.

The Enforcement Directorate (ED) — an Indian law enforcement agency — seized 90 crores ($10.5 million) from an online scam app called E-Nuggets with the help of global crypto exchange Binance.  ED is the governmental law enforcement agency responsible for enforcing economic laws and with that, tackling economic crime. According to a report published by Indian English language daily newspaper The Hindu, the online gaming app E-Nugget had cryptocurrencies worth $10 million stored in 70 different crypto wallet accounts spread across the three crypto exchanges.  Local Indian exchanges ZebPay and WazirX also aided the ED in its investigations and subsequent actions. The ED contacted these exchanges to block the wallet addresses and transfer the crypto assets to the agency’s wallet. Photo by Naveed Ahmed on UnsplashCrypto assets seizedThe ED, tasked with upholding such financial crimes, spearheaded the operation against E-Nuggets, an online gaming platform masquerading as a legitimate investment opportunity. Taking to the X social media platform on April 30, the Indian law enforcement agency stated: “ED, Kolkata led a successful operation against a major “online gaming app scam” known as “E-Nugget”. The E-Nugget app, masqueraded as a gaming platform, promised users high returns on their investments. Crypto assets which were taken into possession of ED are transferred into Crypto Wallet of ED.” 70 wallets implicatedWith cryptocurrencies valued at $10 million spread across 70 different wallet accounts on three crypto exchanges, the agency swiftly took action. E-Nuggets enticed unsuspecting investors with promises of substantial returns through its purported gaming interface. However, once investments were made, the platform vanished into thin air, leaving users unable to recoup their funds. The ED's investigation revealed a complex web of deceit, with the agency seizing properties totaling over 163 crores ($19.5 million), comprising cash, cryptocurrency holdings, account balances and office spaces. The scam involved the funneling of funds into digital assets through 2,500 dummy bank accounts, resulting in the discovery of 19 crores ($2.2 million) in cash. A first information report (FIR) filed at the Park Street Police Station in Kolkata, became the catalyst that triggered the ED case that was subsequently registered under the provisions of India’s Prevention of Money Laundering Act (PMLA). Masterminded by Aamir Khan, who was apprehended alongside accomplice Romen Agarwal, the scheme operated under the guise of digital transactions, which, ironically, facilitated its unraveling. Law enforcement agencies adeptly traced, froze and seized the illicit funds as they moved through the digital realm. Public ledger upends scammersCritics often point to the potential for cryptocurrency to facilitate money laundering. However, the inherent transparency of blockchain technology presents significant obstacles to such illicit activities. Notably, in the infamous 2016 Bitfinex hack, where hackers absconded with 119,756 Bitcoin, the culprits were eventually apprehended in 2022 while attempting to launder the stolen funds. The collaborative efforts between Binance, the ED, and local exchanges points to a developing commitment towards combating financial fraud within the cryptocurrency space. This wasn’t the first occasion in which Binance had cooperated with law enforcement on such matters. In October of last year, the company got with the Thai authorities to assist them in crushing a crypto-related scam. By leveraging blockchain's transparency and international cooperation, authorities can effectively dismantle illicit schemes, safeguarding investors and upholding the integrity of the digital asset ecosystem.